Freeport-McMoRan Shells Out $9B for Plains Exploration, McMoRan Exploration |
| Fox Business - Dec 5, 2012 |
Freeport-McMoRan Copper & Gold (FCX) sealed a pair of big deals on Wednesday to acquire full control of Plains Exploration (PXP) and McMoRan Exploration (MMR) for a combined $9 billion.
With debt included, the value of the transactions rises to about $20 billion.
The acquisitions should shake up the commodities business, creating a global leader in mineral assets with its tentacles in oil, gas and production.
“This transaction will enable us to add assets with exceptional exploration and development potential to a world-class mining company to create a premier minerals and oil and gas business focused on value creation for shareholders,” Freeport Chairman James Moffett said in a statement.
Moffett, who also serves as CEO of McMoRan, will remain chairman of the combined company. Freeport CEO Richard Adkerson will stay on board and also assume the title of vice chairman.
Read more: http://www.foxbusiness.com/industries/2012/12/05/report-freeport-mcmoran-close-to-buying-mcmoran-exploration/#ixzz2ECJUg4Km
Read Full Article from Fox Business
- Posted: 2012-12-05 12:04:18
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